Someone I work with just bought a house in NJ. He is planning to have the property reassessed for his taxes. The last time the house was assessed was a few years ago when the housing market was doing well and the value of the house was much higher. The value of the house has gone down and he will have it reassessed so his taxes go down.

Has anyone ever done this before? Since we bought our house, the value of it has gone down and we'd like our taxes to go down!